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Can You Create a Joint Medical and Financial POA?

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Can You Create a Joint Medical and Financial POA? Powered By Docstoc
					Can You Create a Joint Medical and Financial POA?

During incapacity planning you may use a Durable Power of Attorney for Health Care
and a Durable Financial Power of Attorney to handle your personal and financial matters
in the event that you become disabled. Through each of these documents, you may name
an agent to make decisions for you. So, wouldn’t it be simpler to make just one document
for both purposes? It might seem so, but really it is best to state these needs in separate
documents.

Medical

A Durable Power of Attorney for Health Care covers your medical needs if you become
disabled. If you are deemed mentally disabled or terminally ill, you may no longer be
able to competently voice your preferences for medical care. You can set your wishes out
in a Living Will for your very final stages of life, but a Power of Attorney allows you to
appoint someone to make real decisions that may or may not be covered in your Living
Will such as deciding your medical care during a temporary incapacity.

Financial

Your Durable Financial Power of Attorney will cover the financial and physical assets of
your estate. This may include handling your financial accounts, managing real estate,
spending and investing income, paying bills, and managing and investing retirement
accounts.

Your Agents

With each type of power of attorney, you will name an agent. Your health care agent will
only cover your medical needs while you are unable to make your own decisions. If you
wish, your financial agent may cover your finances even while you are healthy. Some
married couples opt for financial power of attorneys in case one spouse is out of town and
needs the other to sign for him or her.

Benefits of Separate Documents

There are several benefits to creating separate documents for your finances and medical
care. First, you have the flexibility to name a different agent for each purpose. What if
your medical agent is no good with finances? Or what if you don’t wish to share your
medical information with your financial agent? By having separate documents you can
keep your financial and medical affairs private.

Experienced estate planning attorneys Fayetteville AR of the Deborah Sexton Law Office
PA offers estate planning and business planning resources to residents of Fayetteville
AR. To learn more about these free resources, please visit http://www.arkansas-
estateplanning.com today.

				
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Description: During incapacity planning you may use a Durable Power of Attorney for Health Care and a Durable Financial Power of Attorney to handle your personal and financial matters in the event that you become disabled